Insurance (Conduct of Business)(Non-Long Term Business) Code 2018
The Isle of Man Financial Services Authority (“the Authority”) has today issued the Insurance (Conduct of Business) (Non Long Term Business) Code 2018 (“the Code”).
The Code forms part of the Authority’s regulatory development work outlined in the “Roadmap for updating the Isle of Man’s regulatory framework for insurance business” through which the Authority proposes to introduce more detailed conduct of business requirements to complement the Island’s existing regulatory framework, in order that it remains up to date, appropriate to the characteristics of the Island’s insurance sector, and consistent with international market developments and standards.
The Code applies to non long term insurers selling contracts of insurance in respect of which any of the classes 3, 4, 5, 6, 7, 8 or 9 authorisation would be required.
Implementation of the Code is with effect from 1 January 2019.
For further information, please refer to the Authority’s legislation webpages.